Biotech Values

[DewDiligence]

BMY licenses cancer drug from InnatePharma:

http://finance.yahoo.com/news/BristolMyers-Squibb-and-bw-1272654020.html?x=0&.v=1

Under the terms of the agreement, Innate Pharma will grant to Bristol-Myers Squibb exclusive worldwide rights to develop, manufacture and commercialize IPH2102 and related compounds blocking KIR receptors. The agreement covers all potential indications for IPH2102. Innate Pharma will continue to develop IPH2102 in acute myeloid leukemia (AML) through to the end of Phase II. Innate Pharma will also provide pre-clinical support for the development of IPH2102. Bristol-Myers Squibb will fund the development of IPH2102, make an upfront payment of $35 million and additional payments of up to $430 million, depending on the achievement of pre-specified milestones during the development and commercialization period, as well as pre-specified tiered double-digit royalty payments on worldwide net sales.

Innate Pharma, which trades in Paris, is holding a CC at 8am ET tomorrow (Thursday).